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FollowingBurlington Analysts: The SEC and CFTC may introduce "radical and rapid" new regulatory rules to fill legislative gaps
On Tuesday, the U.S. Senate failed to vote on the Digital Asset Market Clarity Act. In response, Bernstein analysts expect that the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will take "aggressive and rapid" action to introduce relevant rules.
Bernstein analysts pointed out in a report shared with the media on Wednesday that regulators will issue new regulations "to make up for the time lost in negotiating the CLARITY Act." Analysts said they expect institutional-level regulatory measures to cover multiple areas, including:
- Token taxonomy: Token category definition used to regulate financing behavior;
- Developer protection measures: Protection mechanisms for decentralized finance (DeFi) and self-custody agreements;
- Innovation exemptions: Innovation exemption clause applicable to equity tokenization;
- Accelerated approval process: Rapid approval mechanism for real-world asset perpetual contracts;
- Rule revisions: Rule adjustments involving federal sports contracts and their classification as swap contracts.
伯恩斯坦表示，这些联邦机构的举措将为行业带来更明确的监管环境，从而弥补《CLARITY法案》失败带来的影响。该法案原旨在使行业免受政治政权更迭的影响，实现“无懈可击”的稳定监管框架。
周二，美国参议院未能通过关于《CLARITY法案》的终结辩论动议，这意味着该国首个数字资产监管框架的建立计划受阻。伯恩斯坦分析师认为，重新对该法案进行投票的可能性不大，主要理由是时间窗口有限，以及外界对法案中道德条款的担忧。
此前，SEC于8月19日提议了新规则，旨在为“涉及加密资产的特定投资合同”建立一个“清晰且目的明确的框架”，允许实体在保护投资者的前提下筹集资金。这些提议的规则为加密货币公司提供了豁免权，允许其在四年内发行高达500万美元的代币，或在12个月内发行高达7500万美元的代币。此外，还设立了“安全港”条款，将某些加密货币排除在“投资合同”的定义之外。
7月27日，SEC主席保罗·阿特金斯（Paul Atkins）在接受采访时明确表示，如果参议院未能通过《CLARITY法案》，该机构已“准备好、愿意并能够”出台关于数字资产的监管规则。
